A 10-Step Program for India’s Economy
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June 24 (Bloomberg) -- It’s fashionable to say the era ofstrong emerging-market growth is over. As the U.S. recovers, theglobal cost of capital will rise, holding back investment;against this background, avoiding the next crisis is the bestthat most emerging economies can do. If you take this view,India might seem a perfect example, with its widening currentaccount deficit, heavy public borrowing, persistent inflationand weak currency.
I don’t think so. As a general matter, emerging-marketgloom is overdone. India, in particular, could teach thepessimists a lesson.